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Sudani directs efforts to overcome obstacles to establishing “Rafidain First Bank”

Sudani directs efforts to overcome obstacles to establishing Rafidain First BankPrime Minister Mohammed Shia al-Sudani directed on Wednesday that obstacles be removed regarding the establishment of the new “Rafidain First Bank” project, stressing the importance of restructuring Iraqi state-owned banks.

The Prime Minister’s Media Office stated in a statement that Al-Sudani chaired a meeting yesterday to follow up on the restructuring of Al-Rafidain Bank and the establishment of the new (First Al-Rafidain Bank), in the presence of representatives of the Ernst & Young consulting firm.

The statement added that Al-Sudani listened to a detailed explanation of the latest work steps completed, all the requirements of the founding contract, laws and instructions that must be available, in addition to determining the technical and founding committee for the new bank, determining the bank’s shareholders, and all the legal aspects and the required trademark.

Al-Sudani emphasized the importance of restructuring Iraqi state-owned banks to revitalize the public banking sector, ensuring the new bank utilizes the latest digital and technological advancements to provide sophisticated financial and banking services. The Prime Minister directed officials to closely monitor the project’s progress, address any administrative or bureaucratic obstacles hindering its swift completion, and ensure the new bank becomes fully operational.

Alsabaah.iq

Al-Sudani: The Faw Port and Development Road project is a “dream” project to create a new Iraq

Outgoing Prime Minister Mohammed Shia al-Sudani affirmed on Thursday that Iraq is open to partnerships based on development, manufacturing, and services, considering the Faw Port project and the development road as a “dream” project for the country.

This came in a speech he delivered during his attendance at the Iraqi-British Business Council conference held in Basra Governorate.

In his speech, Al-Sudani said, “Our government has adopted a balanced policy and has invested in Iraq’s location to be a bridge between East and West, and part of a broader vision for stability and development in the region.”

He added that “Iraq’s strength lies in its oil and gas resources, as well as the Faw port, the development route, and its location as a corridor linking the Gulf, Asia, and Europe.”

Al-Sudani also expressed “technical and investment cooperation with experienced companies, including British companies and companies that are members of the Iraqi-British Business Council.”

He stressed the need to develop the logistics, ports, docks and maritime transport sector as it represents an important economic resource.

Al-Sudani also said, “We have achieved optimal use of oil and gas resources, and Iraq was losing $8-9 billion annually due to importing oil derivatives and burning gas,” noting that “during the 3 years of the government’s term, we have developed a clear vision to solve the problems related to oil and gas investment.”

He described the “Al-Faw Port and Development Road” project as a “dream” project to transform into a real economy and create a new Iraq, noting that “for the first time since the establishment of the Iraqi state, we have a sea view of the Gulf through the navigation channel, which is 20 meters deep and 23 kilometers long.”

Earlier this morning, Al-Sudani arrived in Basra Governorate, in the far south of the country, to inaugurate the first section of the Development Road (the road linking Faw and Umm Qasr, with a length of 62 km), and to participate in the Iraqi-British Business Council conference.

In April 2024, Iraq, Turkey, the UAE and Qatar signed a four-way agreement for the Iraq Development Road project, under the auspices of Iraqi Prime Minister Mohammed Shia al-Sudani and Turkish President Recep Tayyip Erdogan.

The project, which includes a 1,200-kilometer road and railway within Iraq, aims to promote economic integration between East and West, increase international trade, and facilitate the movement of goods.

The project’s investment budget is approximately $17 billion, divided between $6.5 billion for the highway and $10.5 billion for the electric railway. It will be implemented in three phases, ending in 2028, 2033, and 2050.

The project is expected to provide around 100,000 job opportunities in the first phase and one million job opportunities upon completion, and will promote economic growth and regional and international cooperation.

Shafaq.com

Maliki’s coalition calls on the framework for an urgent meeting and the removal of Hezbollah and the Houthis from the list of terrorist organizations.

The State of Law Coalition, led by Nouri al-Maliki, on Thursday called on outgoing Prime Minister Mohammed Shia al-Sudani to reverse the Iraqi government’s decision to classify the Lebanese Hezbollah and the Yemeni Ansar Allah movement as “terrorist” organizations, calling on the blocs of the Coordination Framework to raise this issue during their next meeting.

State of Law MP Ibtisam al-Hilali told Shafaq News Agency that “the Iraqi government, headed by caretaker Prime Minister Mohammed Shabaa al-Sudani, surprises us every day with wrong and incorrect decisions, the latest of which is classifying the Islamic resistance in Lebanon and Yemen as terrorist organizations and freezing their funds.”

She added that “the caretaker government took advantage of the end of the fifth session of the House of Representatives and the absence of the House’s oversight and legislative role, and began issuing wrong and incorrect decisions, such as nominating US President Donald Trump for the Nobel Peace Prize, and classifying the Islamic Resistance as terrorist organizations to please America and its allies.”

Al-Hilali stressed that “the caretaker government must immediately cancel this decision and remove the Islamic resistance in Lebanon and Yemen from the list of terrorism, and not give in to appease America and its allies.”

She stressed that “the leadership of the coordinating framework must discuss this matter at the next meeting and not remain silent about it. If the situation continues as it is, Iraq is heading towards the unknown, as the United States of America and its allies in the region want.”

The Iraqi government’s Committee for Freezing Terrorist Funds had listed the Lebanese Hezbollah and the “Ansar Allah-Houthi” group in Yemen on terrorism lists, in implementation of a package of Security Council resolutions on combating terrorism and its financing, according to what was stated in issue 4848 of the Iraqi Gazette issued on November 17, 2025.

The committee’s decisions are based on the Anti-Money Laundering and Counter-Terrorism Financing Law No. 39 of 2015, the Terrorists’ Funds Freezing System No. 6 of 2023, as well as UN resolutions relating to ISIS and Al-Qaeda and the entities and individuals associated with them, in addition to other relevant sanctions systems, which obligate member states to freeze the funds of persons and entities listed on international sanctions lists.

Under the decision, all banks, financial institutions and relevant authorities in Iraq are obligated to freeze the movable and immovable assets belonging to the names included, and to prevent financial or banking dealings with them directly or indirectly, until other decisions are issued that require lifting or amending the freeze, with the amendments to the lists being published in the Official Gazette and the website of the Anti-Money Laundering and Counter-Terrorism Financing Office.

In this regard, a government official told Shafaq News Agency that the measure comes within the framework of Baghdad’s efforts to align its legal and regulatory system with the requirements of the Financial Action Task Force (FATF) and Iraq’s international obligations in the field of combating terrorism and drying up its financial sources, while continuing to update the national lists according to the amendments received from the sanctions committees in the Security Council.

Shafaq.com

The collapse of the Iranian currency: a crisis that shakes markets and confounds Kurdistan’s traders.

The Iranian rial has been experiencing a sharp decline for days, the most severe in years, in a rapid downward wave that has cast a shadow over the markets of Iraqi Kurdistan, especially the banking sector, which relies heavily on the movement of the toman in daily buying and selling.

According to a Shafaq News Agency correspondent in Sulaymaniyah, the price of 100 US dollars reached about 12 million and 150 thousand Iranian Tomans, an unprecedented level that prompted many traders to recalculate their accounts.

Kawa Yahya, a currency trader in Sulaymaniyah, told Shafaq News that the recent decline was unexpected, stressing that demand for the dollar inside Iran rose exceptionally following the escalation of tensions between Tehran and both the United States and Israel, which put direct pressure on the local currency.

Yahya points out that what is happening today cannot be explained by economic standards alone, and in his opinion, “the political factor is the main driver of the current decline,” expressing surprise that a country with such broad local self-sufficiency as that achieved in Iran cannot prevent this decline in its currency.

He adds that many currency traders in the Kurdistan Region have suffered significant losses as a result of the rapid decline, especially those who had been holding large quantities of Toman during the past period.

In the context of a broader economic analysis, economist Ismail Mohammed reveals to Shafaq News Agency that the current crisis has complex roots, starting from the outside and not ending at the inside.

The expert confirms that the deterioration of relations between Iran and the United States and European countries has put the local currency under direct political pressure, saying that “any disturbance between a country and America or Europe is quickly reflected in the value of its currency, and the Iranian rial is no exception.”

But at the same time, he points to the existence of concurrent internal reasons, represented by a package of economic decisions that the Iranian government is preparing to implement at the beginning of next year, most notably raising fuel prices and increasing the prices of a number of local goods in exchange for government plans to raise employee salaries, which are measures that he believes will double the pressure on the currency and open the door to a new wave of inflation.

The agency’s correspondent reports that the currency exchange markets in Sulaymaniyah, Halabja and Garmian have witnessed a clear state of confusion over the past two days, as a number of traders have reduced their transactions in Toman while waiting for the market to stabilize, while others reported a decline in demand from customers who usually relied on the Iranian currency for daily transfers or for purchasing goods coming from the Iranian side.

This decline comes in the context of a long downward trend witnessed by the Iranian currency during 2025. According to a quick tracking, the year began with a price of approximately 4.8 million tomans per 100 dollars, then it rose to about 7.5 million tomans in the middle of the year following a new round of US sanctions. With the fall, and with the increase in regional tensions, the price exceeded 10 million tomans, reaching 11.15 million tomans in December, which is the lowest level in more than ten years.

Analysts agree that continued political tension and the absence of radical economic solutions could push the currency down further in the coming weeks unless Tehran intervenes with effective steps to curb the decline.

Shafaq.com

A Shiite faction calls for the “execution of the second term” and accuses the Sudanese government of treason.

The al-Nujaba Movement, led by Akram al-Kaabi, described on Thursday the Iraqi government’s classification of the Lebanese Hezbollah and the Yemeni Ansar Allah group as terrorist organizations as “treason,” while a leader in the Reconstruction and Development Coalition, led by Mohammed Shia al-Sudani, explained that what happened was a “technical error” and that the motives behind it are being investigated.

Ali al-Asadi, head of the political council of the al-Nujaba Movement, said in a post on the “X” platform, which was followed by Shafaq News Agency, that “Iraq’s nomination of (Trump) for the Nobel Prize is a disregard for the blood, an insult to the sacrifices of the martyrs, and a real transgression against the will of millions of people.”

He added: “Today, through the events in Iraq, Hezbollah and Ansar Allah (the Houthis) are classified as terrorists, even though their blood was shed on Iraqi soil to preserve its dignity and holy sites!! This is treason.”

He concluded by saying, “Such a government does not represent the proud Iraqi people,” and added the hashtag “#DecisionToExecuteTheSecondTerm.”

The Iraqi government’s Committee for Freezing Terrorist Funds had listed the Lebanese Hezbollah and the “Ansar Allah-Houthi” group in Yemen on terrorism lists, in implementation of a package of Security Council resolutions on combating terrorism and its financing, according to what was stated in issue 4848 of the Iraqi Gazette issued on November 17, 2025.

For his part, Bahaa Al-Araji, a leader in the Reconstruction and Development Coalition, said in a post on the “X” platform, which was followed by Shafaq News Agency: “We will not accept bidding on Iraq’s principled positions, nor will we be lenient with those who seek to confuse matters, as liberation movements and oppressed peoples are held in official and popular esteem and respect in Iraq.”

He continued, “What is being circulated about an alleged classification and listing is nothing but a (technical error), as classifications approved by American financial institutions were included in an Iraqi decision issued by a specialized committee affiliated with the Central Bank of Iraq, which is an independent national institution, not subject to the will of the government.”

Al-Araji indicated that “the mistake will be corrected, and the reasons and motives will be investigated, in a way that does not give any opportunity to those who seek to exploit the situation.”

Following the circulation in local media of the decision to classify Hezbollah and Ansar Allah, the Iraqi authorities practically backed down from including the Lebanese party and the Yemeni group in the lists of frozen terrorist funds, after publishing an official clarification and a document issued by the Central Bank of Iraq confirming that Baghdad’s approval was limited to entities and individuals linked exclusively to ISIS and Al-Qaeda.

Shafaq.com

Iraq aims to increase oil and gas production from the Kirkuk fields to approximately 500,000 barrels and 500 million cubic feet per day.

The Undersecretary for Extraction Affairs, Bassem Mohammed Khudair, said on Thursday that the strategic contract concluded by the Iraqi Ministry of Oil with the British company BP aims to increase the production capacity of oil and gas in the Kirkuk Governorate fields to reach about 500,000 barrels of crude oil per day, and 500 million cubic meters.

This came during his chairmanship today of the second meeting of the Joint Management Committee for the Kirkuk Fields Development Project, which is being implemented by the British company BP, and which was held at the headquarters of the North Gas Company, according to a statement issued by the Iraqi Ministry of Oil.

The statement said that the meeting witnessed a comprehensive discussion of the executive plans and programs for the project, which aims to develop four of the most important oil fields in Kirkuk Governorate (Jambur, Bai Hassan, Kirkuk, and Khabbaz).

Khodair explained that the strategic contract awarded to BP aims to raise production capacities to 450,000 barrels per day, and produce 500 million standard cubic feet of gas per day, in addition to closing the file on flared gas and achieving a qualitative leap in gas investment.

He pointed out that the project will provide ample job opportunities for the people of Kirkuk Governorate, and will contribute to revitalizing the work of local companies, improving the economic situation of the governorate, and supporting the national economy.

In conclusion, the Undersecretary stressed the need to strengthen teamwork between BP and the North Oil and North Gas companies, in order to achieve common goals according to the highest technical and environmental standards, and to enhance Iraq’s position in the global energy market.

According to a statement from the Ministry of Oil, the meeting discussed the 2026 budgets, the operating authority for the four fields, and ways to support the Ministry of Oil’s companies, including the Oil Exploration Company and the Iraqi Drilling Company, to ensure that work is carried out according to the specified timetables.

The meeting was attended by the General Manager of BP in Iraq, the General Manager of the North Oil Company, the General Manager of the North Gas Company, the General Manager of the Reservoirs and Field Development Department, the General Manager of the Legal Department, and the General Manager of the Technical Department, along with a number of specialists and experts from the British company and from the departments and companies of the Ministry of Oil.

In March 2025, the Iraqi Ministry of Oil signed a contract with the British company (BP) regarding the project to develop and produce the four oil fields in Kirkuk, namely: (Kirkuk with its two domes (Baba Wafana), Bai Hassan, Jambur, and Khabbaz).

Shafaq.com

Legal experts: Amending the Official Gazette is “permissible,” and the decision regarding the Houthis and Hezbollah is international and binding on Iraq.

Legal experts confirmed on Thursday the legality of correcting any decision published in the Iraqi Gazette, but stressed that the decision to classify the Houthis and Hezbollah as terrorist organizations was based on the classification of the UN Security Council, which is internationally binding .

Legal expert Ali al-Tamimi told Shafaq News Agency that “the committee for freezing terrorists’ funds is located in the General Secretariat of the Council of Ministers, and it is headed by the Governor of the Central Bank. The committee also includes the Director of the Anti-Money Laundering Office and representatives from the Ministries of Finance, Interior, Foreign Affairs, Justice, Trade and Communications, in addition to the Integrity Commission and the Counter-Terrorism Service .”

He added that “the committee was formed under the Anti-Money Laundering and Counter-Terrorism Financing Law No. (39) of 2015, as well as the Terrorists’ Funds Freezing System No. (6) of 2023. One of the main tasks of this committee is to follow up on the resolutions issued by the UN Security Council, as there is a sanctions committee in the Security Council that was formed under Security Council resolutions from 1999 to 2015, and it is the one that issues the resolutions related to freezing funds, and the Funds Freezing Committee in Iraq is committed to implementing them based on the applicable laws .”

He continued, “As for the Houthis and Hezbollah, the Committee for Freezing Terrorist Funds has adopted the UN Security Council resolutions that stipulated freezing the funds of these entities, and it is implementing those resolutions as they are internationally binding .”

He stressed, “As for retracting decisions, it is available and legally permissible, and it is published in the Iraqi Gazette, based on the Publication Law in the Official Gazette No. (78) of 1977, which allows the authority that issued the decision to issue a correction or explanatory statement when needed .”

The Iraqi authorities – the Committee for Freezing Terrorist Funds – have included the Lebanese Hezbollah and the Ansar Allah (Houthi) group in Yemen on their lists, in implementation of a package of Security Council resolutions on combating terrorism and its financing, according to what was stated in issue 4848 of the Iraqi Gazette issued on November 17, 2025 .

For his part, legal expert Abbas Al-Aqabi told Shafaq News Agency that “according to Article 8 of the Iraqi Gazette Law (typographical errors that occur during publication are corrected in a statement issued by the entity that issued the original, and the correction is published in the Iraqi Gazette), if the error was made unintentionally, it is corrected, and if it was from the Central Bank, it is also corrected by a decision from them .”

He explained, “But what is striking is that the committee that issued the decision through the statement of the General Secretariat of the Council of Ministers presented the names of Hezbollah and the Houthis, and according to their statement, approval was not obtained to include them in the list .”

The Iraqi authorities quickly backed down from including the Lebanese Hezbollah and the Ansar Allah-Houthi group on the lists of frozen terrorist funds, after publishing an official clarification and a document issued by the Central Bank of Iraq confirming that Baghdad’s approval was limited to entities and individuals linked exclusively to ISIS and Al-Qaeda .

On Thursday, outgoing Prime Minister Mohammed Shia al-Sudani ordered an “urgent” investigation into the decision to freeze the funds of the Lebanese Hezbollah and the Houthi group, which was published in the official Iraqi newspaper Al-Waqi’ and sparked widespread controversy in political circles, especially those that support the so-called “axis of resistance” in the country .

Shafaq.com

Foreign Minister: Financial and banking reforms are an internal necessity before they are an external demand.

Deputy Prime Minister and Foreign Minister Fuad Hussein affirmed on Wednesday that financial and banking reforms are an internal necessity before being an external demand.

The Ministry of Foreign Affairs stated in a statement that “Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, chaired the second meeting of the High National Committee concerned with examining the decision of the US Treasury Department issued on October 9, 2025, regarding the inclusion of a number of entities and individuals on its lists,” noting that “the meeting was held at the headquarters of the Ministry of Foreign Affairs, in the presence of members of the committee from the representatives of the relevant ministries and government bodies.”

She added that “the committee reviewed during the meeting the measures taken by the concerned authorities, and the proposed ways to deal with the files raised at the internal and external levels. It also addressed the evaluation of the available legal paths to deal with these developments, and discussed practical options to complete the ongoing efforts, while emphasizing the continuation of meetings during the next stage and scheduling subsequent sessions with the participation of additional parties related to the file.”

The minister stressed, according to the statement, that “financial and banking reforms are an internal necessity before they are an external demand,” noting that “the data related to the current and future policy of the Iraqi government, the general economic situation, and the financial aspect in particular, call for positive interaction with what is being proposed externally, in order to ensure the protection of national interests and enhance the stability of the Iraqi economy.”

Burathanews.com

Finance in Iraq: Financial chaos and potential risks

For months, Iraq has been experiencing a clear disruption in the implementation of service and investment projects, as a result of the delay in sending the 2025 budget schedules to Parliament, and the accompanying administrative paralysis and funding stoppage.

The continued application of the 1/12 monthly rule, according to Financial Management Law No. 6 of 2019, has resulted in the inability to finance new projects or complete stalled ones, which has cast a heavy shadow on ministries, governorates and implementing companies, and has led to a decline in basic services and an increase in the levels of delays in completion.

The effects of this delay are compounded by the political and technical disputes that have disrupted the completion of the budget schedules, in addition to the widespread criticism of the previously imposed three-year budget (2023–2025), which experts believe opened the door to manipulation of public funds and was not implemented transparently, thus exacerbating the financial turmoil and delaying the funding of vital projects.

Deteriorating services

Meanwhile, MP Mahma Khalil, who won the recent parliamentary elections, says that the budget delay has negatively impacted the level of services and projects, as the astronomical three-year budget for the years 2023-2024-2025 was not spent transparently and was marred by numerous suspicions that led to the stagnation of service projects.

Khalil adds to Shafaq News Agency that the spending in the three-year budget gave the government leeway to manipulate public funds, considering it a resounding failure that necessitates demanding final accounts to know the true size of spending, especially since the 2025 budget has not yet been completed despite the approaching end of the year.

For his part, Baghdad Provincial Council member Amer Dawood Al-Faily told Shafaq News Agency that the lack of budgets has disrupted projects in general, noting that the Baghdad Provincial Council’s budget for 2025 has not been released yet, which has caused obstruction of service projects and delays in payments to implementing companies.

According to Al-Faily, the problem is clearly evident in the projects department of the Baghdad Municipality, where implementing companies stopped working due to the lack of funding, which directly affected services in the capital and caused a decline in completion levels in vital sectors.

reformist vision

In contrast, former member of the parliamentary finance committee, Mu’in al-Kadhimi, explains that there is a trend within the coordination framework to address past mistakes by approving a “real” budget in which unnecessary expenditures are reduced and revenues and levies are increased.

Al-Kadhimi, speaking to Shafaq News Agency, points to the need for political solidarity within the state administration coalition, along with popular understanding of the nature of the upcoming financial phase.

It is also expected that the 2026 budget will amount to only 150 trillion dinars, after the 2025 budget was at the level of 211 trillion dinars, but only 150 trillion dinars were actually spent, which confirms the need for a more realistic budget that is commensurate with the available revenues and reduces waste.

Shafaq.com